Imperial Assets Management v. Matthews Land
This appeal concerns a purchase agreement with respect to one of three large parcels of land in Imperial County which appellant acquired in 2006 in a series of related transactions. According to appellant, respondent seller allegedly agreed to pursue its efforts to obtain development rights for the parcels, including the parcel which is the subject of this appeal. Under the terms of the purchase agreement, respondent seller received a note and deed of trust, which following close of escrow on the transaction respondent seller assigned to the other respondent. Appellant was not satisfied with the progress being made in acquiring development rights on the parcel and, among other matters, stopped making payments on the note it had given respondent seller. Respondent assignee then initiated a receivership proceeding in which it eventually was able to foreclose on the deed of trust.
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